Rangers reduce wage bill as crisis club accept fee for midfielder McKay
Raising funds: Matt McKay (right) is set to be sold
Rangers have accepted an offer for Matt McKay from South Korean club Busan I'Park.
The transfer, if completed, would give Rangers a much-needed injection of cash and reduce their wage bill as administrators look to cut costs at the club.
A statement on the club's official website read: 'Rangers have confirmed today that a fee has been agreed with Busan but that negotiations on the transfer are still continuing.'
McKay joined Rangers from Brisbane Roar in August for a fee after captaining his former side to the A-League title.
However, the Australia midfielder, who had been voted his country's player of the year, made only three first-team appearances for Rangers.
The 29-year-old had a brief spell in South Korea in 2006 when he joined Incheon United on loan during the Australian close season.
Administrators have not announced any job cuts at Rangers since being appointed on Valentine's Day and have said redundancies are not inevitable, according to manager Ally McCoist.
The administrators have so far focused on probing recent financial dealings around the club, confirming that owner Craig Whyte had paid off an £18million debt to Lloyds Banking Group with money raised from future season ticket sales.
- Louis van Gaal makes reporters laugh after praising Depay
- Boxer Wladimir Klitschko working out with Vitali in the ring
- Klopp thinks Liverpool can do better despite thrashing City
- Luis Enrique: Bernabéu win a memorable one for Barca fans
- Footballer has a wee behind goal, while 10 man team score!
- Emotional tribute to Paris victims before El Classico
- Manny Pacquiao visits famous Garden Tomb site in Jerusalem
- Rory McIlroy talks after winning the World Tour Championship
- Jose Mourinho admits title is mission impossible despite win
- Jonah Lomu's family express their thanks for tributes
- Aaron Ramsey is ring leader in Arsenal training rondo!
- Jeff Stelling tells tale of hapless Brechin City goalkeeper
- Liverpool and Manchester City players reunite to attend...
- Arsenal aren't consistent, Chelsea are the disaster story of...
- Karim Benzema the only member of Real Madrid first team to...
- Manchester United stars celebrate win over Watford with...
- Arsenal midfielder Francis Coquelin could be out of action...
- How Jurgen Klopp has slapped Liverpool into shape with...
- Conor McGregor leaves for Las Vegas as coach claims he will...
- Jose Mourinho: 'I don't enjoy other people losing...
- Anthony Martial's wife left red-faced after mistaking...
- Real Madrid were torn apart by Barcelona... so what next for...
- Floyd Mayweather shows off 'royal living' as retired...
- Eden Hazard flourishes in a central role for Chelsea after...